Why "kinda pointless" if PEL87 is a gusher?
They are carried on the first hole and even if they wanted to remain at 20% for the second hole would the $5M cover their 20% cost share ? I suspect not.
If they had waited until now and did the CR they could have raised a lot more with the same quantity of shares.
This really has not been properly explained yet.
My initial thinking was they were forward looking, maybe picking up another block, but there has been no noise about that.
I know they said for operating but they had enough cash at that point for a few more quarters so why CR with the SP where it was at that time?
General Thoughts, page-35
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